Prudential Real Estate Investors (PREI), known as Pramerica in Europe, is to integrate its US and Latin America businesses into one platform.
The change, the firm said, is part of an effort to create a “more consistent and efficient business model”.
Kevin Smith, currently head of PREI’s US business, will become head of Americas.
Alfonso Munk, currently head of PREI’s Latin America business, which has offices in Mexico City, will become the CIO for the Americas.
Cathy Marcus, senior portfolio manager of the firm’s core strategy, will become global chief operating officer at the start of next year. Frank Garcia will replace Marcus in her previous role.
According to its website, PREI has $35.7bn (€27.6bn) of gross assets under management in the US and $3.9bn in Latin America.
PREI, which employs 367 staff in the US and 86 in Latin America, said the changes were being made to ensure it was “best positioned to serve clients, leverage the breadth of our resources across the region and maximize investment performance”.
The firm invests across all strategies in both private and public market opportunities. It runs open and closed-end funds, as well as offering individually managed separate accounts.
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